Refer to Figure 2-10. If the economy is currently producing at point E, what is the opportunity cost of moving to point D?

A) 16 thousand spoons B) 26 thousand forks
C) 20 thousand forks D) 0 spoons

A

Economics

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For a given decrease in supply, the condition of demand that will result in no change in quantity is when demand is

A. perfectly inelastic. B. elastic. C. perfectly elastic. D. inelastic.

Economics